New Delhi : Market watchdog Sebi has given in- principle approval to Institute of Mutual Fund Intermediaries, promoted by industry body AMFI, to set up a self regulatory organisation (SRO) for distributors working for various fund houses in the country. Apart from IMFI, Organisation of Financial Distributors (OFD) and Financial Planning Standards Board India (FPSB) had also applied for the SRO role.
Its parent body, Association of Mutual Funds in India, is a grouping of all fund houses in India and is entrusted with the responsibility of distributor registrations.
Meanwhile, the mutual fund industry’s assets under management jumped 9.4% to a record high of Rs 9.03 lakh crore in January on the back of strong inflows into liquid funds. The figure stood at Rs 8.90 lakh crore in November 2013. As per a Crisil report, liquid funds saw net inflows worth Rs 77,500 crore, the highest in nine months. Besides, income funds (long-term, short-term and ultra short-term debt funds, and fixed maturity plans, or FMPs) reported net inflows of Rs 5,900 crore after two months of outflows in
November and December.